Wednesday, October 2, 2019
The World Bank is a specialized agencies of the United Nations. Their stated purpose is to reduce poverty through low-interest loans, interest-free loans at banking and economic aid to developing nations. It is consist of 185 members. This organization was created in 1944 and it is headquartered at Washington, DC, United States. The World Bank Group have five specialized multilateral agencies of the United Nations: 1. The International Bank for Reconstruction and Development (IBRD) have 185 member countries. It was created in 1945, aims to achieve poverty reduction in developing countries and middle-income and creditworthy, providing financial advice on economic management. Certainly is the main branch of the World Bank Group, having to belong to him for membership of any of the following organizations. (Learn Economics) 2. The International Development Association (IDA) have as member to 166 countries. It was created in 1960, the members of this association made contributions that allow the World Bank (WB) provide around 6,000 and 7,000 million dollars annually in credit, with a very low interest, to those 78 countries that are considered the poorest. The international development association is very important for those countries, called "developing", who cannot get financing at market circumstance. This give money for the development of services such as education, housing, water, sanitation, and making investments and reforms to promote productivity and increasing employment. (Learn Economics) 3. According to Lear Economics, the International Finance Corporation (IFC) have as member 179 countries. it was created in 1956, this corporation is responsible to foment the economic in developing countries with the help of private sect... ...try that has the largest number of shares (together with the International Monetary Fund) and therefore has a great influence on the direction of the organization. Due to its great number of shares, is also the only country with veto rights. Generally, members of the Board of Governors are finance ministers or development of the member countries. They meet once a year at the annual Board of Governors of the World Bank Group and International Monetary Fund. (Preserves Articles) Since the Board of Governors meets once a year only, delegating specific tasks to 25 executive directors who work in the offices of the World Bank. The five largest shareholders of the World Bank are France, Germany, Japan, the United Kingdom and the United States, who each choose an executive director, while other member countries are represented by the remaining 19 CEOs. (The World Bank) Ã¢â¬Æ'